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CGT exemption on inherited homes
Posted by Team AVS on 24 Sep, 2019 0 CommentsInheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. From a tax law perspective, when someone dies a capital gain or loss does not apply when a property passes:
to the deceased person’s beneficiary
to the deceased person’s executor or other legal personal representative (LPR), or
from the deceased’s LPR to a beneficiary.
While generally no CGT applies when assets a
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them.
1. Apportioning expenses and income for co-owned properties
If you own a rental property with someone else, you must declare rental income and claim expenses according to you
1. Apportioning expenses and income for co-owned properties
If you own a rental property with someone else, you must declare rental income and claim expenses according to you
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